Soyabean On NCDEX Settled Down By -1.72% At 2912

Soyabean on NCDEX settled down by -1.72% at 2912 on higher arrivals and subdued demand for soymeal in local mandis. All India soybean arrivals were stood at 150,000-155,000 bags (90 kilogram per bag) as compared to 65,00-70,000 bags. Total arrivals in Madhya Pradesh were at 65,000-70,000 bags, in Maharashtra inventories stood at 55,000-60,000 bags while in Rajasthan soybean arrivals were at 10,000-15,000 bags. As per latest SEA data, Soymeal exports from the country jumped by 137% to 916,306 tonnes in 2016/17 Vs 387,298 tonnes during last financial year 2015/16, however, m/m the exports have declined to 107,059 tonnes in Mar compared to 207,977 tonnes in Feb 2017. The U.S. Department of Agriculture raised its forecast for Brazilian soybean production for the 2016/2017 crop year. The USDA projects Brazilian output at 111 million metric tons, up from its previous forecast for 108 million metric tons.

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